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The euro held at an eight-week top against the dollar

The euro held at an eight-week top against the greenback despite a disappointing sentiment survey in Germany. Remarkably, expectations the U.S. Federal Reserve will keep its dovish stance at a policy meeting declined the dollar.

Additionally, German business morale improved by less than anticipated in April. The third wave of coronavirus and problems with the supply of components in the industrial sector slowed the recovery.

The euro witnessed its most substantial daily gains since early February. This comes after positive data on European services and manufacturing activity boosted sentiment.

According to the latest news, the German government increases its growth forecast for 2021 to 3.5%, up from the 3% growth it was expecting back in January.

Furthermore, the euro had given up the morning’s gains by midday on the continent as it declined by 0.01% at $1.2095, clinging to its highest levels since the beginning of March.

The U.S. dollar index declined by 0.11% at 90.80, its lowest level since March 3.

No major policy changes are anticipated at Fed’s next meeting

Moreover, the Fed’s next meeting ends on April 28, and while no major policy changes are anticipated, investors will be watching to comments from Chairman Jerome Powell.

The U.S. dollar stood at 107.77 against the yen, close to its lowest since March 4.

Meanwhile, the British sterling increased by 0.1% higher and settled at $1.3894, adding to a 0.3% gain in the previous session.

In emerging markets, the Turkish lira declined to 8.48 versus the dollar, close to its record low of 8.58 hit in early November.

The onshore yuan rose to 6.4841 per dollar, near its six-week high.

Elsewhere, the risk-sensitive currencies, Australian and New Zealand dollars, boosted toward one-month highs.

Meanwhile, Bitcoin reclaimed the $50,000 mark, surging over 8% and on course to snap five straight days of losses exacerbated by U.S. President Joe Biden’s plan to lift capital gains taxes for wealthy investors.

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